aquarianup

AB CAPITAL, LONG

Long
aquarianup Updated   
NSE:ABCAPITAL   ADITYA BIRLA CAPIT
Aditya Birla Capital, AB Capital stock has seen huge correction (value erosion after IPO) from Yr 2017 upto Yr 2020, from the High of 255 to Low of 39 in the span of 3yrs. The stock rode the wave of bullish sentiments in the stock market after Covid19 and touched the high of 199 in July 2023. The stock is close to giving multi-year breakout (7yr) based on Cup-Handle pattern. The fall and rise is very close to rounding bottom pattern which gives the specified target. The lines are key support / resistance levels.
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Wow! what a journey!! the stock has followed the pattern exactly as shown. However, at present levels, the stock is witnessing resistance since its near its IPO pricing. It may correct upto 200-213 before gathering some momentum to break IPO price level and continue uptrend. While rounding bottom pattern formation is complete, the cup and handle is not.

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